Need a Hong Kong Company with Digital Multi-Currency Account

[redthegreat]

Hello, good day, everyone!

First of all, thank you so much for allowing my request to join this helpful community. I've been a silent reader here for a while, and it taught me many things that I need to consider in incorporating a company offshore and opening a bank account.

I am a startup business owner from the Philippines that imports electronic products, beauty products, and clothes from China and Thailand. Also, my company does exports of local products (bags made in Abaca) from my country, the Philippines. The company was incorporated last 2015.

I want to join the global market and expand my business with my success. I am now determined to incorporate my company in Hong Kong and acquire a digital banking account for me to be able to transfer payments to my supplier easily.

I have several questions since this will be my first time incorporating a company in a different jurisdiction.

1. Do I need to be a Hong Kong resident to be the company's director? Or do I need to travel to Hong Kong to incorporate this company?
2. If I were the CEO of HK Limited, could I easily apply for a resident visa in other countries such as Thailand, China, SG, or HK?
3. In general, is it a good idea to Incorporate in HK if I am in the import and export business?
4. Do you know any company that offers Hong Kong company formation services, including an online multi-currency banking account? Your recommendation is highly appreciated.

Thank you so much!

 

[bibing]

1. No. No, everything can be done without visiting HK
2. No
3. Yes definitely. I would say at least 1/3 of companies registered in HK are in some sort of Import/Export business
4. I know Osome.com and Sleek.hk.as far as I know both will help you open an account with digital banks (neat, etc.)

 

[Sols]

Before you settle on Hong Kong, take a look at Singapore as well. Hong Kong may indeed be the best choice, but with the political situation in Hong Kong, I am seeing a significant uptick in interest (and trust) in Singapore instead.

1. Do I need to be a Hong Kong resident to be the company's director? Or do I need to travel to Hong Kong to incorporate this company?

No, everything can be remote and you are not obligated by law to have a local director. It might be preferred and practical, though, as we'll see...

1. If I were the CEO of HK Limited, could I easily apply for a resident visa in other countries such as Thailand, China, SG, or HK?

Depends on the size of the business. Money talks.

1. In general, is it a good idea to Incorporate in HK if I am in the import and export business?

Yes, but as mentioned above, consider Singapore.

1. Do you know any company that offers Hong Kong company formation services, including an online multi-currency banking account? Your recommendation is highly appreciated.

Hong Kong is crawling with accountants that specialise in this and pretty much all of them have relationships with the major banks. When you chose a firm, just make sure they or one of their senior managers is a member of Hong Kong Institute of Certified Public Accountants (https://www.hkicpa.org.hk/), or a practicing attorney.

Shop around. There are many good options in different shapes and sizes. Vistra, Nova, Appleby, Asiaciti, Trident, Kaizen, AsiaBS, and so on.

 

[JackAlabama]

Before you settle on Hong Kong, take a look at Singapore as well. Hong Kong may indeed be the best choice, but with the political situation in Hong Kong, I am seeing a significant uptick in interest (and trust) in Singapore instead.


No, everything can be remote and you are not obligated by law to have a local director. It might be preferred and practical, though, as we'll see...


Depends on the size of the business. Money talks.


Yes, but as mentioned above, consider Singapore.


Hong Kong is crawling with accountants that specialise in this and pretty much all of them have relationships with the major banks. When you chose a firm, just make sure they or one of their senior managers is a member of Hong Kong Institute of Certified Public Accountants (https://www.hkicpa.org.hk/), or a practicing attorney.

Shop around. There are many good options in different shapes and sizes. Vistra, Nova, Appleby, Asiaciti, Trident, Kaizen, AsiaBS, and so on.

Singapore is good for big fat wealth storage and for certain western passport holders it is indeed a less fiery solution than current day HK.
But OP is from Philippines and does business with China, which is appreciated when opening bank accounts in HK. And trading / import export is still the name of the game in HK in contrast to SG which is far less a trading hub than HK.
SG is also considerably more expensive to run and getting a residency visa there is even more costly.
I'd opt for HK in your case. Everything can be opened remotely (including EMI or some Alipay payment channels). Tricky part will be the bank account opening, but you might be lucky if you find good local helpers.

 

[silentreader]

A year ago I'd have recommended neatcommerce.com - 650$ for incorporation AND bank account.
But nowadays their compliance department is even worse than it already was and their service sucks too. Might be the global banking envrionment 2021 though.